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How big is the potential market in your eyes?

Where are you in the development and the release of the machine?

Encompassing everything that we’ve seen in interest from all the different applications for our product outside the initial focus industry is 60-70 million people. One out of every four households is unbanked or under-banked and under-served. If these people start to save, even in the smallest incremental amounts, in time we are talking hundreds of billions if not trillions of dollars.

We’ve just really intertwined the software and hardware. We have our transactions stacking beautifully on top of each other, going in and out of the sandbox, testing with our automated clearinghouse. So I mean the system works.

Okay. How many of these machines do you envision in the US market and where would they be distributed, if you are successful?

The system works. It’s ready to go. It’s just a matter of, at this point, funding. We need more. We don’t want to launch it and then have to close it down immediately because we’re running low on money. We want to have enough so we can go out, get the learning curve going, and get bullets in the gun as people use the system. So we want to have enough operating capital when we roll it out. We have made so many connections and built up so much goodwill in the marketplace that we need to have the resources to really stride down all those avenues.

I see hundreds of thousands. I see so much potential. It’s really kind of mind boggling even outside of the service industry. We’ve been approached by one of the largest national tax-preparation companies in the country. They have 12,500 locations that sit empty almost year round and they see this as a way to drive people into their property during the off-season to use a system like we have.

So, you are testing the actual prototype right now?

I really love it. Okay, well Doug this was fun. We should do it again sometime. Maybe we next time we can meet at Starbucks.

You see this as being part of the American culture? Eventually, yeah, that’s the ultimate goal for me. It’s the ultimate vision. USAA Insurance contacted us about military bases, post exchanges.

That sounds great!

Do you ever worry about being perceived as a feel good product and not being taken seriously as a business? Yeah, I mean it’s a concern. But you know, I believe in capitalism as much as anybody, but I don’t believe in manipulating capitalism for some sort of zero-sum situation. I mean, I do – I think the product is altruistic or whatever. It’s just a good part of what we’re doing. But we want to make money as much as any other business does. What has been the highlight and milestone of the process of building this business for you? There have been several. Just from the first form factor prototype to where we are now up to the fourth generation. But there are a lot of rewards that come from validation from great business minds and great technical minds like the acceptance into the DEMO Conference.

“my focus and the place it was born from is to help working people. “

What’s the DEMO Conference? It’s a technology conference that’s arguably the most prestigious technology conference in the world. It’s extremely vetted. The acceptance ratio is very low and to be accepted to that was a great highlight. When you think about some of their alumni E*TRADE, TiVo, Java, Symantec. How did it go over? It went over great. We were one of the three major featured companies. Well, they actually had five companies featured, but we are prominently featured in the front page of the USA Today “Money” section with the big picture and that was definitely like a “wow” moment. “I think we’re really on to something here.” When I hear your story it reminds me of all things of the mass proliferation of Starbucks. 20 years ago Howard Schultz in the Northwest introduced the nation to something that Europeans had known for years – that coffee could be exquisite. In a way by developing the POWR machine you’re introducing a new way of thinking to financial institutions and the working class. In other words, the mass proliferation of the POWR machine has the ability to bring about a cultural change. Indeed. I love the fact that you’re comparing us to Starbucks because I think about that actually frequently and I think of Howard Schultz who grew Starbucks in the same manner that we’re doing it with the private placement memorandum and growing it out to what it is today, just an amazing success story. And what you say about the cultural kind of iconic thing that it has become? That is what I really admire about Starbucks and I would love to see at some point this business or this system in the same light. In a way, we are doing the same thing: introducing a group of people to something that they are really going to like once they get a taste of it.

Doug Lindstrom

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About Face Magazine - Issue 01  

Portland's interview Magazine - In this issue we interview China Forbes from the band Pink Martini, as well as Rachel Mara, fashion designer...

About Face Magazine - Issue 01  

Portland's interview Magazine - In this issue we interview China Forbes from the band Pink Martini, as well as Rachel Mara, fashion designer...

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